Jefferies analyst Anthony Petrone reports that the firm's survey of 52 new optometry practices suggest continued gains in dailies and stable share in monthlies for Cooper Companies (COO) and that Johnson & Johnson's (JNJ) Acuvue Vita is off to slow start. Based on the survey results, and a "significant" foreign exchange tailwind, Petrone raised his estimates for Cooper and increased his price target on the shares to $210 from $190. The firm has a Buy rating on Cooper shares.

RBC Capital analyst Glenn Novarro says that Johnson & Johnson underperformed the market in Q3 due to a number of factors including Remicade biosimilar risk and the pharma pricing debate. The analyst says that "these concerns are manageable/overblown," and he expects the company to report strong Q3 results, driven by a strong pharma performance. Novoroo expects the company's Q3 revenue to come in slightly above expectations, and he predicts that the company will narrow its 2016 EPS guidance to the high end of the previous range. The analyst recommends buying the stock. He keeps a $133 price target and Outperform rating on the shares.

09/19/16

JEFF

09/19/16NO CHANGETarget $48JEFFBuy

Abbott unit sale does not impact Alere transaction, says Jefferies

Jefferies analyst Jeffrey Holford believes Abbott's (ABT) sale of its Medical Optics business to Johnson & Johnson (JNJ) does not imply an increased probability that the Alere (ALR) deal will close. After speaking to Abbott management, Holford thinks the proceeds from the sale are more likely to be targeted towards the St. Jude Medical (STJ) acquisition. He believes that deal has a higher probability of closing than Alere. Holford has a Buy rating on Abbott with a $48 price target.

Leerink analyst Seamus Fernandez said Bristol-Myers' (BMY) Checkmate-026 data presented at the European Society of Medical Oncology meeting was disappointing, noting there was no signal of benefit on progression-free survival or overall survival and only "modest differentiation" on response rate in the 88 patients with PDL1 biomarker positivity greater than or equal to 50%. Meanwhile, Merck (MRK) presented "spectacular" data for Keytruda monotherapy at the meeting, said Fernandez, who expects Bristol shares to be down "significantly" today in light of the meeting presentations. The analyst, who still thinks Bristol has a significant opportunity to compete with Merck's Keytruda in the PDL1 high portion of the market, keeps an Outperform rating on Bristol shares, which are down nearly 6% in pre-market trading.

09/20/16

SBSH

09/20/16NO CHANGETarget $70SBSHBuy

Bristol-Myers price target lowered to $70 from $75 at Citi

In a research note titled "Brace Yourself. Attractive Valuation but No Near-Term Respite.," Citi analyst Andrew Baum lowered his price target for shares of Bristol-Myers Squibb to $70 from $75. The analyst lowered his earnings forecasts by up to 8% to reflect the "limited supportive data" in the non-small cell lung cancer indication. Baum keeps a Buy rating on the shares as he views the valuation as attractive. He points out, however, the near-term news-flow is likely to be negative.

09/27/16

PIPR

09/27/16NO CHANGETarget $62PIPRNeutral

Bristol-Myers price target lowered to $62 from $65 at Piper Jaffray

Piper Jaffray analyst Richard Purkiss lowered his price target for Bristol-Myers Squibb (BMY) to $62 saying he sees the company ceding Opdivo's early-mover advantage in lung cancer to competitors. The analyst expects to see details from Roche's (RHHBY) positive OAK trial of Tecentriq vs. docetaxel in non-small cell lung cancer at the upcoming ESMO meeting. Purkiss also expects to see details from Merck's (MRK) positive KEYNOTE-024 trial of Keytruda. The analyst lowered his post-2016 Opdivo forecasts and reiterates a Neutral rating on Bristol shares.

09/28/16

ROTH

09/28/16NO CHANGETarget $23ROTHBuy

Nektar price target raised to $23 from $19 at Roth Capital

Roth Capital analyst Michael Higgins raised his price target for Nektar (NKTR) to $23 from $19 after the company and Bristol-Myers (BMY) announced a clinical collaboration to evaluate the combination of the latter's anti-PD-1 antibody, Opdivo, with NKTR-214. The analyst reiterates a Buy rating on Nektar's shares.

BMO Capital analyst Alex Arfaei says that the positive data on Roche's (RHHBY) TECENTRIQ for second line NSCLC is negative for Bristol-Myers' (BMY) cancer drug, Opdivo. The analyst does not think that TECENTRIQ's results will be superior to that of Opdivo, but he believes that Roche's drug appears to have "a significant" benefit in PD-L1 positive patients." He predicts that Roche's drug could take "meaningful market share, particularly outside of the U.S." The analyst keeps a Market Perform rating on Bristol-Myers.

09/12/16

JEFF

09/12/16NO CHANGETarget $57JEFFHold

Jefferies cuts Bristol-Myers price target, upgrades AstraZeneca

Jefferies analyst Jeffrey Holford lowered his price target for Bristol-Myers Squibb (BMY) to $57 from $69 saying the stock is positioned for a "rough mid term ride." The analyst sees a "difficult catalyst" set for Bristol shares with "numerous" upcoming competitor read-outs in non-small cell lung cancer. The market could see worse than expected data from Bristol's CM-026 and CM-568 studies as well as better than expected data from AstraZeneca's (AZN) MYSTIC study and Roche's (RHHBY) Chemo-IO studies in the first half of 2017, Holford tells investors in a research note. He keeps a Hold rating on Bristol and upgraded this morning AstraZeneca to Buy from Hold. Holford prefers Astra for its immunology exposure.

09/07/16

09/07/16NO CHANGE

BioLineRx partnering with Roche company in cancer therapy research

BioLineRx (BLRX) has entered into a collaboration with Genentech, a member of the Roche (RHHBY) Group, to support several Phase 1b studies investigating BioLineRx's BL-8040 in combination with Atezolizumab, Genentech's anti-PDL1 cancer immunotherapy, in multiple cancer indications. The Phase 1b studies will evaluate the clinical response, safety and tolerability of the combination of these therapies, as well as multiple pharmacodynamic parameters, in hematologic malignancies and solid tumors. Under the agreement, Genentech will sponsor and conduct several Phase 1b trials in multiple solid cancer indications. In addition, BioLineRx will sponsor and conduct a Phase 1b study in acute myeloid leukemia patients. The studies are designed to evaluate the safety and efficacy of the combination of BL-8040 and Atezolizumab. Upon completion of the studies, both parties will have the option to expand the collaboration to include a pivotal registration study. Additional details of the collaboration were not disclosed.

Raymond James analyst Christopher Raymond initiated Karyopharm with an Outperform and $13 price target. Raymond said Karyopharm is close to a value creation period with key trial read outs that can help advance lead compound selinexor and transition Karyopharm to a commercial entity. Further, its wholly-owned, novel technology platform with an experienced management team and an attractive valuation make shares a compelling investment, the analyst added.

08/30/16

JEFF

08/30/16UPGRADETarget $12JEFFBuy

Karyopharm upgraded to Buy from Hold at Jefferies

Jefferies analyst Brian Abrahams upgraded Karyopharm Therapeutics to Buy citing increasing confidence that near-term data will support a path forward and potential role for selinexor in the future multiple myeloma landscape. The analyst believes selinexor presents a significant revenue opportunity and he upped his price target for the shares to $12 from $9.

06/27/16

BARD

06/27/16INITIATIONTarget $16BARDOutperform

Karyopharm initiated with an Outperform at Baird

Target $16.

CLVSClovis

$32.44

3.03 (10.30%)

10/04/16

PIPR

10/04/16NO CHANGETarget $42PIPRNeutral

Clovis price target raised to $42 from $14 at Piper Jaffray

Piper Jaffray analyst Steven Breazzano raised his price target for Clovis Oncology (CLVS) to $42 after taking a "comprehensive look" at the PARP inhibitor landscape in ovarian cancer and beyond. The company's PARP inhibitor rucaparib has demonstrated an active profile in ovarian cancer and all signs point to an approval in the 3L+ setting early next year, Breazzano tells investors in a research note. The analyst, however, believes the ultimate key is success in the earlier maintenance setting, and he thinks the race may still be Tesaro's (TSRO) niraparib's to lose. Breazzano keeps a Neutral rating on Clovis.

Piper Jaffray analyst Steven Breazzano said the rucaparib response rates in platinum resistant and platinum refractory patients of 25% and 0%, respectively, reported by Clovis Oncology (CLVS) are lower than some may have been expecting and "seemingly negative on the surface." However, he continues to believe rucaparib will be approved in BRCA patients who have received 2+ lines of therapy, which is an earlier and broader patient population than assigned to competitor AstraZeneca's (AZN) Lynparza, he tells investors. The ultimate market potential and key to success is the maintenance setting, for which TESARO's (TSRO) niraparib is still best-positioned, adds Breazzano, who keeps a Neutral rating on Clovis shares.

10/07/16

RHCO

10/07/16NO CHANGETarget $50RHCOBuy

Clovis selloff a buying opportunity, says SunTrust

SunTrust analyst Peter Lawson views today's selloff in shares of Clovis Oncology as a buying opportunity, saying today's concern "seems like noise." The analyst has a Buy rating on the stock with a $50 price target. Clovis is down 13%, or $4.64, to $31.13 but is well off the day's lows.

09/21/16

JANY

09/21/16DOWNGRADETarget $36JANYNeutral

Janney downgrades Clovis with buyout speculation at 'fever pitch'

Janney Capital analyst Roy Buchanan downgraded Clovis Oncology (CLVS) to Neutral from Buy with an increased fair value estimate of $36. Clovis is up 17c to $35.00 in late morning trading. In a research note partially titled, "May Be Right, May Be Crazy - M&A Speculation At Fever Pitch," Buchanan says there is a "finite chance" that Clovis will need to market its PARP inhibitor rucaparib by itself. He believes a late-2016 approval for rucaparib is likely. The analyst attributes his increased fair value estimate to "acquisition optionality." Reports of Takeda's (TKPYY) reserving up to $15B for acquisitions and Medivation's (MDVN) takeout have given Clovis shares a lift, Buchanan tells investors. The analyst adds that rumors surfaced yesterday of potential interest in the company from Eli Lilly (LLY).

Bernstein analyst Aaron Gal says that the results of a trial of Eli Lilly's (LLY) Alzheimer's drug, solanezumab, due out in late 2016 or early 2017, are likely to impact perceptions of Biogen's (BIIB) Alzheimer's drug, aducanumab. The analyst expects Lilly's solanezumab "to show at least directional evidence" of cognitive improvement, although he is "less convinced" that the impact will be clearly statistically significant. The best results from Biogen's perspective will be if Lilly's drug shows "marginal success," according to Gal. However, statistically significant results are also good for Biogen, as they will show that reducing amyloid beta does mitigate Alzheimer's symptoms, the analyst stated. And if Lilly's drug completely fails, Biogen's drug "could well succeed," given the significant differences between them, wrote Gal,who gives Biogen's aducanumab a 65% chance of success. He keeps a $345 price target and Outperform rating on Biogen.

09/27/16

09/27/16UPGRADE

On The Fly: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Eli Lilly (LLY) upgraded to Buy from Neutral at Goldman with analyst Jami Rubin saying the company is entering a long lasting period of accelerating topline and earnings growth driven by its late stage pipeline. 2. AutoZone (AZO) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Simeon Gutman saying the company is at a positive inflection in 7 year and older vehicles, which is strongly correlated to same-store-sales. 3. Consolidated Edison (ED) upgraded to Hold from Sell at Evercore ISI with analyst Greg Gordon saying the joint settlement proposal filed in the CECONY rate case mitigates downside risk. 4. Crown Holdings (CCK) upgraded on multiple catalysts at BMO Capital with analyst Mark Wilde citing valuation, his belief that the company will resume returning cash to shareholders in 2017, and his belief that the company's results should be boosted by " a wave of domestic and offshore expansion projects." 5. Francesca's (FRAN) upgraded to Buy from Hold at Stifel with analyst Richard Jaffe saying the company's "appealing merchandise" makes it very likely that its sales will grow going forward. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

09/27/16

GSCO

09/27/16UPGRADETarget $95GSCOBuy

Eli Lilly upgraded to Buy from Neutral at Goldman

Goldman analyst Jami Rubin upgraded Eli Lilly to Buy and increased its price target to $95 from $89 saying the company is entering a long lasting period of accelerating topline and earnings growth driven by its late stage pipeline. Rubin projects $12.5B of new product sales by 2020 and double digit earnings growth over the next five years, even without Sola. The analyst sees a 35%, up from 25%, probability of success for Sola with a bull case scenario that can lead to almost $7.5B in peak sales and "super charge" earnings. Even without Sola, Rubin sees favorable risk/reward given durability of earnings and said it is the least exposed to above-CPI price increases.

KITEKite Pharma

$57.74

2.02 (3.63%)

10/07/16

GSCO

10/07/16NO CHANGEGSCO

Smid-cap Biotech sector upgraded to Attractive from Neutral at Goldman

Stifel analyst Thomas Shrader says that Kite reported a complete response rate of 52% for its KTE-C19 drug in DLBCL, versus the standard of care's complete response rate of about 8%. The analyst says that the results exceed the level needed for FDA approval. He keeps a $74 price target and Buy rating on the shares.

10/10/16

ADAM

10/10/16NO CHANGETarget $75ADAMBuy

Kite Pharma BLA filing still expected by year end, says Canaccord

Canaccord analyst John Newman noted Kite Pharma released 12 month update on Zuma-1 Phase 1, which showed durable efficacy and is encouraging despite coming from a small patient group. The analyst saw the release as a continuation of positive trends and expects a BLA filing by the end of 2016. Newman reiterated his Buy rating and $75 price target on Kite Pharma shares.

Leerink analyst Michael Schmidt says Kite Pharma's (KITE) top-line interim results from its pivotal ZUMA-1 trial of anti-CD19 CAR-T product KTE-C19 in patients with chemorefractory diffuse large B-cell lymphoma, or DLBCL, are incrementally positive for Juno Therapeutics (JUNO). While Juno is roughly one year behind Kite in DLBCL, the analyst believes its JCAR017 holds the promise to have a compelling safety/efficacy profile in lymphoma and Acute Lymphoblastic Leukemia. He reiterates an Outperform rating on Juno's shares.

AZNAstraZeneca

$32.06

-0.23 (-0.71%)

09/23/16

09/23/16INITIATION

On The Fly: Top five analyst initiations

Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Morgan Stanley analyst Brian Nowak initiated Activision Blizzard (ATVI) and Electronic Arts (EA), both with Overweight ratings. The analyst is bullish on the digital gaming shift away from "units sold" to a business model based on users, engagement, and digital monetization. He sees digital in-game offerings resulting in recurring and growth user bases, increased per-game engagement, and further monetization opportunities. 2. AstraZeneca (AZN) and GlaxoSmithKline (GSK) both initiated with Overweight ratings by Piper Jaffray analyst Richard Purkiss. 3. Achillion (ACHN) initiated with an Outperform by Wedbush analyst Heather Behanna, who set a $13 price target on the shares. 4. Sysco (SYY) initiated with an Underweight at Barclays and $48 price target by analyst Karen Short. 5. Five Below (FIVE), Dollar Tree (DLTR) and Dollar General (DG) all initiated with Equal Weight ratings by Barclays analyst Karen Short. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

AstraZeneca downgraded to Neutral from Outperform at Exane BNP Paribas

GSKGlaxoSmithKline

$43.04

0.08 (0.19%)

09/23/16

PIPR

09/23/16INITIATIONPIPROverweight

GlaxoSmithKline initiated with an Overweight at Piper Jaffray

Piper Jaffray analyst Richard Purkiss started GlaxoSmithKline with an Overweight rating and GBP 20 price target. The company's growth is defensive and its risks are declining, Purkiss tells investors in a research note.

10/06/16

PIPR

10/06/16NO CHANGETarget $46PIPROverweight

Piper thinks Alnylam failure is positive for Ionis

Piper Jaffay analyst Joshua Schimmer thinks Alnylam Pharmaceuticals' (ALNY) "abrupt halt" of revusiran for TTR cardiomyopathy is likely a positive for Ionis Pharmaceuticals' (IONS) transthyretin program. The move "knocks out a competitive drug" while Ionis and GlaxoSmithKline (GSK) remain on their previously indicated timeline, Schimmer tells investors in a research note. The analyst at this point believes Alnylam's setback will be limited to revusiran and not read-through to other Gal-Nac programs or other TTR cardiomyopathy or polyneuropathy programs. He keeps an Overweight rating on Ionis with a $46 price target,

RBC Capital analyst Michael Yee said his conversations with doctors leads him to think two dolutegravir HIV "doublet" studies being conducted by GlaxoSmithKline (GSK) and ViiV Healthcare - Glaxo's joint venture with Pfizer (PFE) and Shionogi - are likely to work and present an underappreciated risk to Gilead's (GILD) HIV franchise. Talks with investors lead Yee to believe few are even aware of this risk and that the consensus view is underestimating the probability these non-inferiority trials will work. Arguing that the consensus view should factor in more conservative assumptions for Gilead's HIV business post 2018 due to this risk, Yee cut his price target on Gilead to $95 from $105, but keeps an Outperform rating on the shares.

NVSNovartis

$77.75

-0.54 (-0.69%)

09/20/16

CHDN

09/20/16INITIATIONTarget $95CHDNBuy

Novartis initiated with a Buy at Chardan

Chardan initiated Novartis with a Buy and a $95 price target.

08/31/16

PIPR

08/31/16NO CHANGEPIPR

Piper's Schimmer unsure of impact from Novartis CAR-T shakeup

Piper Jaffray analyst Joshua Schimmer said he's struggling with the implications of the news that Novartis (NVS) is reportedly eliminating its Cell and Gene Therapy unit as a stand-alone entity, which is primarily focused on development of CAR-T and adoptive immunotherapies. On the one hand, removing a leading competitor is a positive for the rest of the field, Schimmer tells investors in a research note. On the other hand, the move by Novartis could signal "significant challenges" in the field, the analyst adds. Schimmer continues to prefer companies "with unique and differentiated approaches," namely Bellicum Pharmaceuticals (BLCM), Cellectis (CLLS), Lion Biotechnologies (LBIO), Amgen (AMGN), Celgene (CELG) and bluebird bio (BLUE). Juno Therapeutics (JUNO) and Kite Pharma (KITE) are down 6% and 5%, respectively, in midday trading.

08/31/16

LEER

08/31/16NO CHANGETarget $61LEEROutperform

Teva price target lowered to $61 from $66 at Leerink

Leerink analyst Jason Gerberry lowered his price target for Teva (TEVA) to $61 from $66 on loss of Copaxone patent challenge as an upside catalyst. The analyst believes Teva's share price implies a generic entrant sometime in the second half of 2017 after losing an Inter Partes Review decision on two Copaxone 40mg anchor patents. In order to mitigate EPS downside in 2017-2018 and eliminate business uncertainty, Gerberry thinks the company should settle its Copaxone patent dispute with Novartis (NVS) and Momenta (MNTA), which he sees as "the most credible" generic threat. The analyst reiterates an Outperform rating on Teva's shares.

09/02/16

LEER

09/02/16NO CHANGELEEROutperform

Teva third Copaxone patent invalidated as expected, says Leerink

Leerink analyst Jason Gerberry says Teva (TEVA) suffered a largely expected loss in its Copaxone 40mg patent battle, with the Patent Trial and Appeal Board, or PTAB, ruling a third patent invalid. The analyst believes the company will likely appeal the loss, along with PTAB rulings rendered last week that other Copaxone patents were invalid. Gerberry sees the bull case scenario of Teva securing patent exclusivity of the Copaxone 40mg as unlikely and says a settlement with Momenta (MNTA) and Novartis (NVS) is the most logical course of action to mitigate 2017-2018E EPS risk. He reiterates an Outperform rating on Teva's shares.

BAYRYBayer

$101.09

0.56 (0.56%)

09/26/16

BERN

09/26/16UPGRADEBERNMarket Perform

Monsanto upgraded on acquisition at Bernstein

As noted earlier, Bernstein upgraded Monsanto (MON) to Market Perform from Underperform. Analyst Jonas Oxgaard upgraded the stock after Bayer (BAYRY) agreed to buy Monsanto. However, he warned that "it's too early to tell" whether regulators will approve the deal, and he says that the risk is "skewed to the downside in the near-term." He recommends that investors avoid the stock for 6-9 months. Target to $105 from $90.

09/21/16

JPMS

09/21/16UPGRADETarget $128JPMSOverweight

Monsanto upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Jeffrey Zekauskas upgraded Monsanto (MON) to Overweight saying the risk in the shares is "less than what the market assumes." The analyst believes downside risk should the takeover by Bayer (BAYRY) fail is around $100 per share. He notes that Monsanto shareholders would receive $128 per share should the acquisition close. Zekauskas raised his price target for Monsanto to $128 from $100.

09/15/16

BERN

09/15/16NO CHANGEBERN

Bayer acquisition negative, says Bernstein

After Bayer (BAYRY) agreed to buy Monsanto (MON), Bernstein analyst Jonas Oxgaard says he "continues to have a bearish view" of Monsanto's business, and he thinks that Monsanto's price exceeded the company's true value by about 60%. The analyst adds that the genetically modified products that Monsanto is developing "are not expected to command outsized premiums," while genetically modified seeds have nearly fully penetrated most of the Americas. He keeps an Underperform rating on Monsanto and an Outperform rating on Bayer.

09/15/16

PIPR

09/15/16NO CHANGETarget $128PIPROverweight

Piper has confidence in closing of Monsanto, Bayer merger

Piper Jaffray analyst Brett Wong raised his price target for Monsanto (MON) to $128 citing the takeover price paid by Bayer (BAYRY). The analyst views the offer price as lower than expected but has confidence regulatory approval will be granted since there is a minimal crossover between the two companies. He reiterates an Overweight rating on Monsanto.

PFEPfizer

$33.61

0.05 (0.15%)

08/23/16

RHCO

08/23/16DOWNGRADERHCONeutral

Medivation downgraded to Neutral from Buy at SunTrust

Medivation (MDVN) has agreed to be acquired by Pfizer (PFE) for $81.50 per share.

09/14/16

BMOC

09/14/16NO CHANGEBMOC

Pfizer should exceed fiscal 2016 guidance, says BMO Capital

BMO Capital analyst Alex Arfaei says that Pfizer should exceed its fiscal 2016 guidance. The analyst says that Medivation, which Pfizer agreed to acquire, gives Pfizer another growth driver. Additionally, Pfizer has a number of other "high margin specialty drugs," according to the analyst. He says that the stock's dividend yield is "attractive," and he keeps a $40 price target and Outperform rating on the shares.

08/23/16

PIPR

08/23/16NO CHANGEPIPR

Pfizer acquisition 'a good fit strategically,' says Piper Jaffray

After Pfizer (PFE) agreed to buy Medivation (MDVN), Piper Jaffray analyst Richard Purkiss says that Pfizer has obtained Xtandi, "a blockbuster prostate cancer treatment," and "a close-to-market and late-stage pipeline." The analyst thinks that Xtandi's expansion to use in adjuvant prostate cancer could increase its sales by 65%-70%. He keeps a $54 price target and Overweight rating on Pfizer.

10/07/16

ROTH

10/07/16NO CHANGETarget $160ROTHBuy

ICU Medical price target raised to $160 from $132 at Roth Capital

Roth Capital analyst Chris Lewis raised his price target for ICU Medical (ICUI) to $160 from $132 after the company announced an agreement to acquire Hospira Infusion Systems from Pfizer (PFE) for $1B. The analyst is overall positive on the deal as it removes the long-standing customer concentration overhang and grows ICU Medical into a legitimate pure-play infusion therapy company with a complete product portfolio. The company also preannounced Q3 preliminary results above expectations, he notes. Lewis reiterates a Buy rating on ICU Medical's shares.

MDVNBought by PFE

08/23/16

MAXM

08/23/16DOWNGRADEMAXMHold

Medivation downgraded to Hold from Buy at Maxim

Medivation (MDVN) has agreed to be acquired by Pfizer (PFE) for $81.50 per share.

08/23/16

08/23/16DOWNGRADE

On The Fly: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Kroger (KR) downgraded to Neutral from Buy at Cleveland Research with analyst Scott Bender saying he believes there is more potential risk than upside to consensus earnings estimates over the next 6-12 months given persistent retail deflation and an intensifying competitive environment. 2. Medivation (MDVN) downgraded to Hold from Buy at Stifel, to Neutral from Outperform at Credit Suisse, to Neutral from Buy at SunTrust, and to Hold from Buy at Brean Capital. 3. Logitech (LOGI) downgraded to Neutral from Buy at UBS. 4. Oasis Petroleum (OAS) downgraded to Market Perform from Outperform at BMO Capital with analyst Dan McSpirit citing valuation. 5. ResMed (RMD) downgraded to Underperform from Hold at Jefferies with analyst Anthony Petrone noting that the firm's survey and expert calls indicate that those in the field see the company's AirSense10 as still "best-in-class," but Philips' (PHG) Dream has closed the gap while being priced at a discount. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

08/23/16

BMUR

08/23/16DOWNGRADEBMURHold

Medivation downgraded to Hold from Buy at Brean Capital

Medivation (MDVN) has agreed to be acquired by Pfizer (PFE) for $81.50 per share.

ABBVAbbVie

$63.31

0.38 (0.60%)

09/08/16

JPMS

09/08/16DOWNGRADETarget $73JPMSNeutral

AbbVie downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Chris Schott downgraded AbbVie (ABBV) to Neutral citing the stock's 10% rally year-to-date and limited near-term catalysts. AbbVie's profile is now better reflected at current valuation levels, Schott tells investors in a research note. He lowered his price target for the shares to $73 from $75. The analyst coupled the downgrade with an upgrade this morning of Eli Lilly (LLY) to Overweight.

09/02/16

09/02/16INITIATION

On The Fly: Top five analyst initiations

Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. AbbVie (ABBV) initiated with an Outperform at Raymond James. 2. Spark Therapeutics (ONCE) initiated with a Buy at Stifel. 3. Cornerstone OnDemand (CSOD) initiated with an Overweight at Piper Jaffray. 4. UR-Energy (URG) initiated with an Outperform at FBR Capital. 5. Energy Transfer Equity (ETE) reinstated with an Overweight at JPMorgan. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

Leerink analyst Geoffrey Porges says abstracts for the American Association for the Study of Liver Diseases, or AASLD, meeting revealed very limited efficacy information about the new Hepatitis C regimens for Gilead (GILD), Merck (MRK) and AbbVie (ABBV). Nonetheless, the analyst believes the abstracts hint at the potential competitive threat to Gilead's HCV dominance. While the new 12-week HCV regimens may compete on price, the forthcoming 8-week regimens put the most pressure on Gilead's market share, Porges argues. He reiterates a Market Perform rating on Gilead's shares.

CELGCelgene

$104.27

0.2 (0.19%)

09/12/16

PIPR

09/12/16NO CHANGEPIPROverweight

Piper's Schimmer says Celgene GED-0301 data 'vague'

Piper Jaffray analyst Joshua Schimmer says he remains skeptical on the profile of Celgene's GED-0301 for Crohn's disease. This morning's "vague press release doesn't help despite the company's expressed confidence," Schimmer tells investors in a research note. He notes that while GED-0301 is not a relevant driver of his investment thesis, the drug is important to sentiment overall. The analyst reiterates an Overweight rating on Celgene.

09/16/16

RBCM

09/16/16NO CHANGERBCM

Celgene shares can advance, says RBC Capital

RBC Capital analyst Michael Yee says that Celgene's stock "can grind higher" as investors eventually understand that the company's GED-0301 drug could potentially generate $1B in revenue. Yee says endoscopy data the company is expected to present next month on GED-0301 "isn't likely to be impressive." However, he thinks the data will "suggest that the drug is working," and he says that investor expectations are low, while the recent pullback in the shares has created an attractive entry point.

09/29/16

SBSH

09/29/16NO CHANGETarget $127SBSHBuy

Citi ups Celgene target to $127 on luspatercept opportunity

Citi analyst Robyn Karnauskas raised her price target for Celgene (CELG) to $127 from $124 citing greater confidence in the company's myelodysplastic syndrome and beta thalassemia opportunities. After initiating coverage of Celgene partner Acceleron (XLRN) with a Neutral rating, Karnauskas now sees adjusted peak sales for these indications of $1.7B versus $825M previously. Investors are missing the "not-so-distant catalyst" as Phase 3 luspatercept data in these indications could come in late 2017/early 2018, the analyst tells investors in a research note. She keeps a Buy rating on shares of Celgene.

09/30/16

PIPR

09/30/16NO CHANGETarget $25PIPROverweight

Piper's Schimmer found Nektar validation at Celgene event

Piper Jaffray analyst Joshua Schimmer says Celgene's (CELG) analyst event provided "another indirect validation" of Nektar Therapeutics' (NKTR) oncology approach. Celgene surprisingly implicated IL-2 as one of the primary mechanisms of Revlimid, Schimmer tells investors in a research note. He views the development as supporting his "enthusiastic outlook" for NKTR-214, the company's long-acting IL-2 targeting Teffector cells. The analyst reiterates an Overweight rating on Nektar with a $25 price target.

ARRYArray BioPharma

$6.80

0.195 (2.95%)

09/27/16

JPMS

09/27/16NO CHANGETarget $8JPMSOverweight

Array BioPharma price target raised to $8 from $6 at JPMorgan

JPMorgan analyst Anupam Rama raised his price target for Array BioPharma to $8 saying he's increasingly confident on the likelihood of encorafenib/binimetinib approval for BRAF+ melanoma following yesterday's dataset. The analyst sees a $325M-plus opportunity in BRAF melanoma in the U.S. alone and reiterates an Overweight rating on shares of Array.

Piper Jaffray analyst Edward Tenthoff raised his price target on Array BioPharma shares to $10 from $7 after the company's Phase III trial in BRAF-mutant melanoma met its primary endpoint, saying he is not concerned that the drug combo "barely missed" the trial's secondary endpoint. The analyst, who keeps an Overweight rating on Array shares, reminds investors that the company could be looking at two approvals in the $1B melanoma market with binimetinib having a PDUFA date of June 30.

09/26/16

JPMS

09/26/16NO CHANGEJPMSOverweight

Array BioPharma shares could be up 'materially' today, says JPMorgan

JPMorgan analyst Anupam Rama believes shares of Array BioPharma could be up "materially" on today's positive results from the Phase 3 Columbus trial of encorafenib + binimetinib for the treatment of BRAF-melanoma. The analyst sees a "high probability of approval" and notes regulatory submission is expected in 2017. In Rama's model, encorafenib + binimetinib BRAF-melanoma is worth $3 per share and potentially 50%-75% upside from current levels. The analyst has an Overweight rating on Array. The stock is up 30%, or $1.09, to $4.74 in pre-market trading.

After Regeneron (REGN) and Sanofi (SNY) released positive results from their Dupixent Phase 3 trials, SOLO 1 and SOLO in patients with atopic dermatitis, Roth Capital analyst Joseph Pantginis notes that clinical studies of Dupixent for additional atopic and allergic diseases are progressing and says he believes Regeneron's shares are poised for upside on upcoming catalysts. Moreover, the analyst says Regeneron has "solid" growth prospects based on approved and late stage products, deep pipeline, expansion of indications for current products, strong partners, and strong cash management. He reiterates a Buy rating and $520 price target on Regeneron's shares.

In a note to investors this morning, Leerink has updated its best ideas for 2016 from the firm's five therapeutics analysts. The list includes Alexion (ALXN), Dermira (DERM), Intra-Cellular (ITCI), Sanofi (SNY), Allergan (AGN), Alnylam (ALNY), Innate Pharma (IPHYF), The Medicines Co. (MDCO), and Ophthotech (OPHT).

09/13/16

EXAN

09/13/16UPGRADEEXANNeutral

Sanofi upgraded to Neutral from Underperform at Exane BNP Paribas

EXELExelixis

$12.61

-0.34 (-2.63%)

10/10/16

PIPR

10/10/16UPGRADEPIPROverweight

Exelixis upgraded to Overweight from Neutral at Piper Jaffray

10/10/16

PIPR

10/10/16UPGRADETarget $21PIPROverweight

Exelixis upgraded to Overweight after trial success at Piper Jaffray

Piper Jaffray analyst Edward Tenthoff upgraded Exelixis to Overweight from Neutral after the company reported Phase II CABOSUN data in 157 front-line metastatic Renal Cell Carcinoma patients. The data are "good enough" to file a supplemental new drug application and could drive off-label front-line RCC use, Tenthoff tells investors in a research note. The analyst raised his price target for the shares to $21 from $8.

Following several oral and poster presentations this weekend at the ESMO cancer meeting, Leerink analyst Michael Schmidt said he has greater confidence regarding several potential label expansion opportunities for Exelixis' two products, Cabometyx and Cotellic. Cabometyx is "very well positioned" to capture significant market share and consensus expectations for Cotellic are only modest, believes Schmidt, who keeps an Outperform rating on Exelixis shares.

10/10/16

10/10/16UPGRADE

On The Fly: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Mylan (MYL) upgraded to Strong Buy from Market Perform at Raymond James with Elliot WIlbur saying the Department of Justice settlement over EpiPen rebates eliminates a significant overhang on shares enabling the focus to be back on fundamentals. 2. Under Armour (UA) upgraded to Outperform from Market Perform at Wells Fargo with analyst Tom Nikic saying "noise" from the Sports Authority's bankruptcy is fading while distribution expansion could lead to sales re-acceleration over the next 12-18 months. 3. Deere (DE) and AGCO (AGCO) were upgraded to Outperform from Market Perform at Wells Fargo. 4. Dow Chemical (DOW) upgraded to Buy from Neutral at UBS with analyst John Roberts saying the merger with DuPont (DD) could gain regulatory approval and that the stock is "now too cheap to ignore." 5. Exelixis (EXEL) upgraded to Overweight from Neutral at Piper Jaffray with analyst Edward Tenthoff saying the data are "good enough" to file a supplemental new drug application and could drive off-label front-line RCC use. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

MRKMerck

$63.90

1.13 (1.80%)

10/10/16

BMOC

10/10/16NO CHANGEBMOC

Merck should strengthen leadership in first line NSCLC, says BMO Capital

BMO Capital analyst Alex Arfaei says that upcoming data should strengthen Merck's (MRK) lead in 1L NSCLC. The analyst adds that the data could support off-label use of Merck's Keytruda in additional 1L NSCLC patients, and he says that the data "should be negative" for Bristol-Myers' (BMY) Opdivo drug. Arfaei keeps an Outperform rating on Merck and a Market Perform rating on Bristol-Myers.

10/10/16

LEER

10/10/16NO CHANGELEERMarket Perform

Merck 'steals the show' at ESMO with Keytruda data, says Leerink

Leerink analyst Seamus Fernandez said Merck (MRK) stole the show at ESMO with its Keytruda data and he continues to think the company will dominate first line lung cancer treatment for years to come in patients with 50%+ PDL1 expression. Additionally, he expects Merck to gain additional traction in the overall market, noting that confirmation that Keytruda is benefiting patients when combined with Alimta/carboplatin with Alimta maintenance raises the possibility Merck could compete broadly in the overall non-squamous patient population. However, Fernandez keeps a Market Perform rating on Merck, as he thinks its current valuation largely reflects improved growth prospects through 2020.

10/10/16

JMPS

10/10/16NO CHANGEJMPS

Incyte treatment looking 'promising,' says JMP Securities

After reviewing recent data, JMP Securities analyst Liisa Bayko says that the combination of Incyte's (INCY) Epacadostat plus Merck's (MRK) Keytruda is "emerging as a promising treatment, potentially even best in class." The analyst says that the progression free survival rate of the combination in melanoma patients "is emerging to be quite competitive," while the efficacy rate in other solid tumors "seemed encouraging." The analyst raised her price target on Incyte to $110 from $100 and keeps an Outperform rating on the stock.

SGENSeattle Genetics

$57.25

2.07 (3.75%)

09/15/16

GSCO

09/15/16UPGRADEGSCONeutral

Seattle Genetics upgraded to Neutral from Sell at Goldman

Goldman Sachs analyst Salveen Richter upgraded Seattle Genetics to Neutral after raising her estimates for Adcetris in Hodgkin lymphoma. The analyst also introduced a takeover component to her valuation given the company's "scarcity of commercial oncology assets and emerging optionality from the pipeline." She raised her price target for Seattle Genetics to $47 from $30. The biotechnology company closed yesterday up $2.36 to $54.06.

09/16/16

LEER

09/16/16NO CHANGETarget $62LEEROutperform

Seattle Genetics price target raised to $62 from $52 at Leerink

After assuming coverage of Seattle Genetics, Leerink analyst Michael Schmidt raised the price target on the stock to $62 from $52, saying he sees additional upside for the shares over the next 12-18 months. The analyst has an Outperform rating on Seattle Genetics' stock.

09/07/16

MSCO

09/07/16INITIATIONTarget $60MSCOOverweight

Seattle Genetics initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Andrew Berens initiated Seattle Genetics with an Overweight and $60 price target. The analyst expects Adcetris will peak at $2.5B by 2030 and thinks the company is likely to move Adcetris to the frontline in Hodgkin's lymphoma treatment.

ZIOPZIOPHARM

$5.74

0.05 (0.88%)

12/04/15

12/04/15INITIATION

On The Fly: Analyst Initiation Summary

Today's noteworthy initiations include: Affimed Therapeutics (AFMD) initiated with an Outperform at Wells Fargo... American Farmland (AFCO) initiated with an Outperform at Raymond James... Amgen (AMGN) initiated with a Market Perform at Wells Fargo... Applied Genetic (AGTC) initiated with an Outperform at Wells Fargo... BCE (BCE) initiated with a Buy at Goldman... Capital Product (CPLP) initiated with a Buy at Janney Capital... Celestica (CLS) initiated with a Neutral at B. Riley... Colfax (CFX) initiated with a Perform at Oppenheimer... Dimension Therapeutics (DMTX) initiated with an Outperform at Wells Fargo... Dover (DOV) initiated with a Perform at Oppenheimer... Fate Therapeutics (FATE) initiated with an Outperform at Wells Fargo... FibroGen (FGEN) initiated with a Buy at Citi... Finish Line (FINL) initiated with a Hold at BB&T... Five Prime (FPRX) resumed with an Outperform at Wells Fargo... Foot Locker (FL) initiated with a Buy at BB&T... GWG Holdings (GWGH) initiated with a Buy at Roth Capital... General Growth (GGP) initiated with an Outperform at Boenning & Scattergood... GigOptix (GIG) initiated with a Buy at Sterne Agee CRT... Halozyme (HALO) initiated with an Outperform at Wells Fargo... Hasbro (HAS) initiated with a Hold at Jefferies... Infinera (INFN) initiated with an Outperform at Raymond James... Inphi (IPHI) initiated with a Buy at Sterne Agee CRT... Inter Parfums (IPAR) initiated with an Overweight at KeyBanc... Intercept (ICPT) initiated with a Market Perform at Wells Fargo... Isis Pharmaceuticals (ISIS) initiated with an Outperform at Wells Fargo... LinkedIn (LNKD) initiated with a Buy at Nomura... Macerich (MAC) initiated with an Outperform at Boenning & Scattergood... Markit (MRKT) initiated with a Hold at Cantor... Mattel (MAT) initiated with a Buy at Jefferies... Maximus (MMS) initiated with a Buy at Stifel... MyoKardia (MYOK) initiated with an Outperform at Wells Fargo... Nimble Storage (NMBL) initiated with an Overweight at JPMorgan... OncoMed (OMED) initiated with an Outperform at Wells Fargo... Patriot National (PN) initiated with a Buy at Compass Point... Pennsylvania REIT (PEI) initiated with a Neutral at Boenning & Scattergood... Pixelworks (PXLW) initiated with a Buy at Craig-Hallum... Qualcomm (QCOM) initiated with an Overweight at Pacific Crest... Regeneron (REGN) initiated with an Outperform at Wells Fargo... Regulus (RGLS) initiated with an Outperform at Wells Fargo... Rogers Communications (RCI) initiated with a Neutral at Goldman... Rouse Properties (RSE) initiated with a Neutral at Boenning & Scattergood... Sangamo (SGMO) initiated with an Outperform at Wells Fargo... Sanmina (SANM) initiated with a Buy at B. Riley... Simon Property (SPG) initiated with an Outperform at Boenning & Scattergood... TELUS (TU) initiated with a Neutral at Goldman... TESARO (TSRO) initiated with an Outperform at Wells Fargo... Tokai Pharmaceuticals (TKAI) initiated with an Outperform at Wells Fargo... Vitae Pharmaceuticals (VTAE) initiated with an Outperform at Wells Fargo... ZIOPHARM (ZIOP) initiated with an Underperform at Wells Fargo... bluebird bio (BLUE) initiated with an Outperform at Wells Fargo.

06/02/16

RAJA

06/02/16INITIATIONRAJAMarket Perform

ZIOPHARM initiated with a Market Perform at Raymond James

07/15/16

JMPS

07/15/16NO CHANGETarget $42JMPSOutperform

JMP says ZIOPHARM trial death doesn't read through to other Intrexon programs

JMP Securities analyst Jason Butler said he views the patient death in ZIOPHARM's (ZIOP) Ad-RTS-IL-12 GBM trial as "possibly or even likely due to the study drug" and acknowledges the need for caution regarding the potential safety concerns of Ad-RTS-IL-12. However, while the trial death raises questions, Butler contends it has no read through to partner Intrexon's (XON) broader oncology programs. The analyst, who notes there are multiple other programs in or entering the clinic under the collaborations between ZIOPHARM and Intrexon, keeps an Outperform rating and $42 price target on Intrexon shares.